Kia 2004 Annual Report Download - page 84

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16. RETAINED EARNINGS:
Retained earnings as of December 31, 2004 and December 31, 2003 consist of the follow ing:
17. CAPITAL ADJUSTMENTS:
Capital adjustments as of December 31, 2004 and 2003 consist of the following:
(1) Treasury stock
The changes in treasury stock for the years ended December 31, 2004 and 2003 consist of the following:
The Company has recorded treasury stock at book value in capital adjustments (see Note 2).
Notes to Non-Consolidated
Financial Statements As of December 31, 2004 and 2003
84
KIA Motors_2004 Annual Report
21,900
693,000
714,900
703,341
1,418,241
￦
￦
December 31,
2004
December 31,
2003
December 31,
2004
December 31,
2003
9,300
214,500
223,800
766,926
990,726
￦
￦
20,981
663,921
684,902
673,827
1,358,729
＄
＄
8,910
205,499
214,409
734,744
949,153
＄
＄
Appropriated
Legal reserve (*)
Reserve for technology development
Retained earnings before appropriations
Korean won
(In millions) U.S. dollars (Note 2)
(In thousands)
(*) The Commercial Code of the Republic of Korea requires the Com pany to appropriate as a legal reserve, an amount equal to a m inimum of 10% of cash dividends paid until such reserve
equals 50% of its issued capital stock. The reserve is not available for the payment of cash dividends, but may be transferred to capital stock through an appropriate resolution by the
Com pany’s Board of Directors or used to reduce accumulated deficit, if any, through an appropriate resolution by the Company’s shareholders.
(6,104)
–
3,071
140,115
32,230
(39,071)
130,241
￦
￦
2004Description 2003 2004 2003
(7,839)
(41,599)
3,622
91,129
42,495
(15,062)
72,746
￦
￦
(5,848)
–
2,943
134,235
30,878
(37,432)
124,776
＄
＄
(7,510)
(39,853)
3,469
87,305
40,712
(14,430)
69,693
＄
＄
Treasury stock
Loss on valuation of derivatives
Stock option cost
Gain on valuation of long-term investment securities
(see Note 4)
Gain on valuation of equity securities accounted for using
the equity method (see Note 5)
Loss on valuation of equity securities accounted for using
the equity method (see Note 5)
Korean won
(In millions) U.S. dollars (Note 2)
(In thousands)
7,839
136,700
(136,700)
(1,735)
6,104
￦
￦
1,309,723
12,500,000
(12,500,000)
(289,854)
1,019,869
1,609,158
10,000,000
(10,000,000)
(299,435)
1,309,723
200420032004 2003 2004 2003
9,631
88,742
(88,742)
(1,792)
7,839
￦
￦
7,510
130,964
(130,964)
(1,662)
5,848
＄
＄
9,227
85,018
(85,018)
(1,717)
7,510
＄
＄
Beginning of year
Acquisition
Retirem ent
Disposition
End of year
Number of shares Korean won
(In millions) U.S. dollars (Note 2)
(In thousands)